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Addus HomeCare Reports Third Quarter 2010 Results
Date:11/4/2010

PALATINE, IL, Nov. 4, 2010 /PRNewswire-FirstCall/ --

Third Quarter Financial Highlights

  • Total net service revenues grew 4.5% to $69.8 million
  • Home & Community segment net service revenues increased 6.4% to $57.3 million
  • Home Health segment net service revenues decreased 3.0% to $12.5 million
  • Net income of $1.5 million, or $0.14 per diluted share

  • Addus HomeCare Corporation (Nasdaq: ADUS), a comprehensive provider of home-based social and medical services, announced today its financial results for the three and nine months ended September 30, 2010.

    Mark Heaney, President and Chief Executive Officer of Addus HomeCare, stated, “We are disappointed with our performance in the third quarter. While our largest division, Home & Community, performed well, our Home Health business was well below our expectations. However, we expect that Home Health will become a growing contributor due to the investments we’ve made.

    “We remain focused on the Company’s accounts receivable collections and continue to make progress. In addition, the CarePro acquisition is proceeding smoothly and the business is performing in line with our expectations,” Heaney added.

    Third Quarter Review

    Total net service revenues for the quarter ended September 30, 2010 were $69.8 million, a 4.5% increase compared to $66.8 million in the prior year quarter.  The acquisition of Advantage Health Systems, which we refer to as CarePro, contributed approximately $2.5 million in revenues in the third quarter.  

    Third quarter 2010 net income of $1.5 million, or $0.14 per diluted share, including $0.01 per share in acquisition related expenses, was based on 10.7 million diluted shares outstanding.  This compares to net income after preferred stock dividends of $0.9 million, or $0.40 per di
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    SOURCE Addus HomeCare Corporation
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